PERTH-headquartered Shelf Subsea and Fugro-TSM have merged to form a powerful new business to support the subsea sector in this region.
TSM is a local subsidiary of global geotechnical, survey and geosciences company, Fugro. The company is a leading subsea contractor in the APAC region, offering a range of services to the oil anmd gas and marine industries, providing a full life field offering, including engineering, construction, inspection, repair and maintenance, intervention and decommissioning. TSM also operates a fleet of dynamically positioned vessels, an extensive fleet of work and observation class remotely operated vehicles ROVs).
Shelf Subsea is a commercial diving company providing saturation diving, air diving, and shallow water solutions primarily in the oil and gas sector. Shelf owns and operates a mobile saturation dive system, eleven air systems and three shallow water dive and construction support landing craft. Shelf was formally known as Caldive Australia and has been operating in the APAC region for more than 20 years.
The merger will create a combined entity employing over 300 staff and a strong presence across the Asia-Pacific region with offices in Australia, Singapore, and Malaysia.
The combined business will operate under the leadership of Colin McGinnis as CEO with the support of the existing TSM and Shelf management teams, while John Edwards will become non-executive chairman.
“The merger of TSM and Shelf creates a strong and exciting company that will offer a significantly enhanced range of subsea services in the Asia Pacific region,” Mr Edwards said.
“By combining Shelf ’s extensive shallow water saturation and air diving capability with TSM’s proven experience in deep water, IMR and light construction our customers will benefit from our ability to provide integrated and competitive services in all water depths.
“I’m very excited to be part of the new team, many of whom I have worked with successfully in the past.”
Under the agreement, Fugro will receive consideration split 50 per cent in cash and 50 per cent in Shelf shares, which will see Fugro retain a material interest in the combined business.